Sensex Hits Record-High, Dow Futures Up By 49 Points

Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 354 points, up 0.6%, at 58,600 levels.

Meanwhile, the NSE Nifty is trading up by 100 points.

NTPC and ONGC are among the top gainers today. BPCL and HDFC Bank are among the top losers today.

The BSE Mid Cap index is trading up by 0.6%.

The BSE Small Cap index is trading up by 0.8%.

On the sectoral front, all sectors are trading in green with stocks from the telecom sector witnessing most of the buying interest.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 32 points (up 0.2%) while Dow Futures are trading up by 49 points (up 0.1%)

The rupee is trading at 73.64 against the US$.

Gold prices are trading down by 0.2% at Rs 47,150 per 10 grams.

Gold prices were muted in Indian markets today despite positive global cues. On MCX, gold futures were trading 0.06% lower at Rs 47,231 for 10 grams.

In global markets, gold prices gained after the US government reported lower than expected inflation data and the dollar eased against other currencies.

Moving on to stock-specific news...

Among the buzzing stocks, today is ONGC.

Shares of Oil and Natural Gas Corporation (ONGC) rose over 4% on the exchanges after the company said it is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ).

IL&FS holds 50% equity in the company.

The deal is likely to be concluded at fair value after ONGC's attempt to buy out the shadow lender's stake in the joint venture (JV) at a deep discount failed.

ONGC currently holds 26% equity in the company, while Karnataka Industrial Area Development Corporation holds 23%.

ONGC Mangalore Petrochemicals (OMPL) and Kanara Chamber of Commerce & Industry together hold 1% equity in MSEZ.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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